New York’s landmark Waldorf Astoria Hotel to close in the Spring of Y 2017 so owner Anbang Insurance Group Co. can begin converting most of the more than 1,400 rooms to luxury condominiums.

The luxury hotel, managed by Hilton Worldwide Holdings Inc. (NYSE:HLT) is set to reopen in Y 2020, with about 300 to 500 hotel rooms remaining.

“We are currently developing conceptual plans and will share additional details once those plans are finalized,” Anbang, based in Beijing, China, said in a statement. The scope and details of the renovation, as well as the exact timing and duration of the hotel’s closure, have not been decided, the company said.

News of the planned Spring closing was reported earlier Sunday by the WS-J.

Hilton referred questions to Anbang.

Anbang bought the Waldorf Astoria, the Art Deco icon on Park Ave, in February 2015 for $1.95-B, a record price for a US hotel, and has said it plans to convert most of the property to luxury condos.

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